IPL Team Rajasthan Royals pay Rs 15 Cr Penalty to ED

Thu, 19 Mar 2015 16:58:07 IST

Mumbai, March 19: Rajasthan Royals which is owned by Jaipur IPL Cricket PVT Ltd(JIPL) and co-owned by Raj Kundra has paid Rs.15 crore to the Enforcement Directorate as a part-payment of the Rs 100 crore penalty imposed by the agency two years ago.

The Enforcement Directorate had imposed the penalty in 2013 on JIPL and its foreign investors for the violation of Foreign Exchange Management Act. The penalty imposed on the JIPL is over Rs.50 crore, while rest of the penalty has been imposed on others.

Sources in the Central agency said, "ED received penalty of Rs 15 crore from Jaipur IPL Cricket Pvt Ltd under FEMA. The Bombay High Court had directed JIPL to make a part payment before starting the hearing of its petition challenging the ED order".